Resources

ECONOMY:

Amidst the ever-evolving economic landscape at the local, regional, and national levels, Oklahoma City remains steadfast in its commitment to overcoming challenges. The city’s enduring resilience, evident in robust job growth, favorable unemployment rates, and noteworthy population expansion surpassing national economic trends, persists into Q4 of 2023. Notable commercial real estate ventures like the Boardwalk in Bricktown, alongside increased corporate investments like Canoo, underscore the city’s economic vitality and sustained growth. Despite the dynamic nature of current developments, Oklahoma City remains resolute and adept at navigating uncertainties with resilience, actively attracting new companies to the city through its pro-business environment.

MARKET OVERVIEW:

Oklahoma City’s office market is outperforming the national average with stable vacancy rates at 10.0% and rent growth of 1.6%. Despite a positive absorption trend, a future slowdown is expected due to changing office use patterns. The city has avoided the large increases in sublease space seen elsewhere, with only 0.3% of its space up for subletting. To maintain its appeal, Oklahoma City offers a range of spaces, including high-quality options like the Chesapeake Campus. Sales activity remains active, although recent transactions have decreased compared to the previous peak year..

OUTLOOK:

In the face of numerous uncontrollable factors impacting global commercial real estate markets, the local Cushman & Wakefield office team stands firm in their belief that the office market is poised for a strong rebound. The CW office team observes a consistent trend of office tenants seeking downsizing, alongside a notable interest from corporate offices looking to relocate into larger central footprints in areas like Midtown or CBD. Concurrently, they are proactively developing innovative solutions to consistently deliver added value to their clients and partners during this transitional period.